Change in affiliation of Sub-brokers

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....ge." Though no fresh certificate needs to be obtained for change in affiliation, such a change may require approval from the Board. This circular intends to clarify the procedure to be adopted in case of change in affiliation by the sub-broker. The procedure to be followed and the documents to be submitted for seeking approval for change in affiliation by the sub-brokers is specified in the table given below: S. No Scenarios Remarks Procedure and Documents to be submitted by the applicant.   (A) (B) (C) (i) A sub-broker intends to discontinue business with one broker and start business with another broker by changing affiliation. • The sub-broker shall submit the application for change i....

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....ts to SEBI along with its recommendation. (d) SEBI shall take the change in affiliation on record and effect the changes on the sub-broker certificate. (e) The modified certificate shall be dispatched to the exchange to be handed over to the broker / sub-broker. (iii) A broker applies for surrender. • Sub-brokers affiliated to a broker who has applied for surrender of registration may apply for change in affiliation to another broker or apply for surrender. • The broker must ensure that all the sub-brokers affiliated to it submit the application for change in affiliation or surrender at the time broker applies for surrender. The application must be submitted through the exchange. • The appl....

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....er or apply for surrender • The broker undergoing change must ensure that all the sub-brokers affiliated to it submit the sub-brokers' application for change in affiliation or surrender after the issuance of prior approval to the broker and before the registration of the incoming broking entity. The application must be submitted through the exchange. • Incase the broker expires, the sub-brokers may change their affiliation within a period of six months from the date on which the broker ceases to exist or the registration will be deemed cancelled. • The application for surrender of certificate of registration of sub-broker (s) shall be submitted to the exchange through the existing broker whereas the ap....

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....ply for change in affiliation after completion of one month from the date of termination of agreement with the proof of request to the broker for NOC. • In case the sub-broker terminates the agreement, the sub-broker shall submit an application to the exchange for surrender of certificate of registration as sub-broker and enclose proof of service of notice for termination of agreement with the broker. • In case the sub-broker is not traceable or does not either apply for change in affiliation or surrender after termination of agreement by the broker, the broker may submit an application for surrender of registration along with proof of service of notice to the sub-broker after a period of one month from the date of....